U.K. Charities Want Firm Spending Numbers on Planned Social-Investment Bank
July 17, 2009 | Read Time: 1 minute
The British government this week announced a three-month consultation on the shape of a prospective “social-investment bank” to finance volunteer organizations, but charities are voicing concern that officials have yet to say how much money they will get, reports The Guardian.
Nonprofit groups have been calling on the government to use at least $410-million in unclaimed assets in dormant bank accounts to support an institution to invest in social enterprises.
“The government’s consultation into the design and functions for a social-investment wholesale bank is an important step forward. However, it is also important that discussions start around how the bank will be financed, to make sure it is properly capitalized,” said Stuart Etherington, head of the National Council for Voluntary Organizations.
